Happy New Year and welcome to a brand new year of the Holm Report!
Residential real estate sales in the Fraser Valley returned to normal levels in 2014, with both buyers and sellers having busy years. Detached homes and townhouses led the way, resulting in market activity comparable to the 10-year average, which is great news for anyone in the market!
On the Fraser Valley Real Estate Board’s Multiple Listing Service ® (MLS®), 15,840 sales were processed in 2014, which is a 16 per cent increase over 2013. New listings were also up, having increased 4 per cent over the previous year to a total of 30,642.
The month of December continued the strong trend that we experienced throughout the year, with sales increasing 21 per cent over 2013 totals, coming in at 1,075 sales for the month. It was the third busiest December in the past 10 years.
Overall, home prices continued to improve for most of 2014. Prices of single family detached homes continued to rise, while townhouse prices remained steady, and apartment prices decreased slightly. The White Rock / South Surrey MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $930,500. This is an increase of 8.9 per cent compared to December 2013.
One of the points to highlight is that with the increased number of sales this year, the inventory of listings has been quite depleted. Some areas are seeing a shortage of affordably priced single family detached homes, which could be a benefit to those thinking of selling.
Typically, sellers will start to list their properties in the spring (March, April or May). My personal experience, however, tells me that the best time to list your home is actually in February. You are able to beat the market, and with less inventory for competition, your home may sell faster and demand a higher price than if it were listed later in the spring. With the inventory already depleted from a strong 2014, right now is a perfect time to think about listing.
If you have any questions, or are interested in listing your home, please don’t hesitate to call me – I’m Holm!